Pune, India -- (SBWIRE) -- 09/28/2020 -- Refrigerator Market will exhibit a CAGR of 6.3% during the forecast period and reach USD 103.95 billion by 2026, and the market value as per 2018 was USD 64.17 billion.

Fortune Business Insights™ in a recently published report, titled, "Refrigerator Market Size, Share & Industry Analysis, By Product Type (Top Freezer Refrigerator, Bottom Freezer Refrigerator, Side by Side Refrigerator, and French Door Refrigerator), By Distribution Channel (Online and Offline), and Regional Forecast, 2019-2026."

Refrigerator Market Drivers and Restraint :
Rising Government Initiatives to Provide Environmental Sustainability will Aid Growth
The governments of various countries across the world are implementing new policies to lower the energy consumption of home appliances. These policies are meant to support the adoption and manufacturing of energy-efficient appliances, as well as provide environmental sustainability. Additionally, they are taking various initiatives to upsurge and promote the capability and manufacturing of electronic products. 'Make in India' is one such campaign that is likely to propel the supply of home appliances in India. Apart from that, many incentive schemes, such as vouchers, discounts, and coupons are being persistently made available by these campaigns. These are also attracting consumers towards buying refrigerators. However, lack of repairing services for these products may hamper the refrigerator market growth in the coming years.

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List of Significant Manufacturers Refrigerator Market are:
- Haier
- SAMSUNG
- Whirlpool
- Voltas
- Panasonic
- Godrej
- Toshiba

Regional Analysis-
Asia Pacific to Dominate Fueled by Rising Disposable Income of People
Geographically, the market is categorized into North America, Europe, South America, the Middle East and Africa, and Asia Pacific. Amongst these, Asia Pacific procured USD 24.67 billion refrigerator market revenue in 2018 and is likely to dominate because of the rising demand for infrastructure in this region. In addition to that, rising number of households, rapid urbanization, increasing disposable income, and inclination of people from conventional to smart appliances are set to surge the demand for refrigerators in this region.
Europe, on the other hand, is anticipated to grow at a fast pace owing to the emergence of technologically advanced refrigerators developed by industry giants present in this region. It would, in turn, attract more consumers. North America is likely to generate a significant share in the near future on account of the increasing disposable income of people residing in Canada and the U.S. Also, factors, namely, rising number of nuclear families and increasing urban population would contribute to market growth.

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Competitive Landscape:
Asia Pacific to Dominate Fueled by Rising Disposable Income of People
Geographically, the market is categorized into North America, Europe, South America, the Middle East and Africa, and Asia Pacific. Amongst these, Asia Pacific procured USD 24.67 billion refrigerator market revenue in 2018 and is likely to dominate because of the rising demand for infrastructure in this region. In addition to that, rising number of households, rapid urbanization, increasing disposable income, and inclination of people from conventional to smart appliances are set to surge the demand for refrigerators in this region.
Europe, on the other hand, is anticipated to grow at a fast pace owing to the emergence of technologically advanced refrigerators developed by industry giants present in this region. It would, in turn, attract more consumers. North America is likely to generate a significant share in the near future on account of the increasing disposable income of people residing in Canada and the U.S. Also, factors, namely, rising number of nuclear families and increasing urban population would contribute to market growth.

Some of the key industry developments in the Refrigerator Market Include:
- March 2019: Gorenje is planning to widen its base of fridge and freezer production in Serbia. This new extension would help in taking the total production capacity to 750,000 units by the end of 2020. The total cost of expansion is 4 million euro.
- November 2018: Daikin Industries Ltd. announced the acquisition of the AHT group. The latter is a prominent commercial refrigerator company headquartered in Europe. This acquisition would aid the former in broadening its business in Europe and capitalizing on the environmental regulations.

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